Property market in Turkey
Propert market in Turkey
Property Turkey
Property popular in Turkey
The numbers of enquiries for apartments, villas and mortgages in Turkey have been well above all predictions. Comparing to 2007‘s statistics there has been a clear increase. The property show ‘A Place in the Sun’ seems to have had a big influence on this, positioning Turkey as the third best place to purchase a holiday apartment or villa. In addition the Independent have declared Turkey as top of the hot spots list.
Property agents and developers have seen record number of enquiries about property on offer in Turkey. Indeed reports are that Turkish property enquires were up around 43% on February 2007’s levels & up 112% on enquiries of January 2008.
Property agents and developers have seen record number of enquiries about property on offer in Turkey. Indeed reports are that Turkish property enquires were up around 43% on February 2007’s levels & up 112% on enquiries of January 2008.
Some property agents have reported unexpected growth in 2008. Unexpected because of the uncertainty in world markets.
Unexpected growth
It was thought that reduced interest rates in the UK would lead to increased interest in the Turkish markets but not at the levels that materialised.
Understandably it appeared that most interest was for more affordable properties in the price range of £40,000 and under, looking to maximise their ROI.
Whilst the number of people from the UK looking to buy is increasing, people are certainly more budget conscious now than in the past, with buyers keen to seek opportunities in the lower price brackets. Those looking to purchase higher priced properties seem to be buyers who previously may have looked in France or Spain and now consider Turkey as an excellent competitor.
Tourism in Turkey
Turkey has enjoyed continued growth for almost ten years, with a wealth of quality golfing developments supported by Turkey’s Ministry of Tourism, it would appear that plans of providing high standard tourism experiences are coming into fruition.
These growth levels are supported by recent statements that mortgage enquiries for properties in Turkey have experienced increases of 147% year after year.
With the increased availability of budget flights coupled with historically low mortgage rates it could result in yet another boost in the property market with regard to both sale prices and rental demand.
Rental potential is an important factor in many people’s decision when purchasing property overseas. Turkey’s rental market seems to be very strong with demand for rentals high despite Turkey still being a developing rental market, this bodes well for the future.
With more than twenty million holiday makers visiting annually this is a big re-enforcement for both property sales and rentals in Turkey. In addition there are many UK residents deciding to live in Turkey given the low cost of living, enviable climate and short flight time.